We are having three partners firm and simple cluase of Arbitration is inserted therein in the deed. That any disputes arbitration will be appointed and the decision will be final ..... under Arb & C. Act 1996 ( 26 ot 1996) etc. etc. I was involved after 2/3 months and have equal partnership.
Now since first other both partners are on operating CLCSS Loan & CC Bank Account and I am no where involved in it. My question is :
1) If any disputes arises, can I freeze the account ? How and under which cluase ?
2) The new Part. Deed is already with Bank and Bank have increased Loan amount by mortgaing my flat after 8 months of partnership.
Why Bank does not insist that any two partners out of three signature on cheque will be allowed. Righnow only two signatures are only allowed but both and not any two out of three ?
Every stock statement and all other Bank documents insists all three partners signature.
I am active and have started this project by my own but due finance shortage I got delayed in involving myself i.e. only 3 months. Now the firm is opertaing fine since Jan 2016 and making profit, I am looking after all operation in the factory.
What are my rights as I am not signatory in Cheque of Banks transaction, though nothing mentioned in Part. Deed.